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An Introduction to Four Basic Income Tax Concepts
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50 percent adjusted gross income alimony allowable amount annuity contract annuity payments bad debt beneficiary bonds calculation capital gain cash value chapter charitable contribution claim compensation constructive receipt corporation corporation's cost recovery Court coverage death benefit dependency exemption depreciation determined discussed distribution dividends earnings and profits election eligible employee employee's entity example exceed excess exchange excluded from gross exclusion fair market value funds gain or loss gift group term insurance individual taxpayers insurance contract Internal Revenue Code Internal Revenue Service investment IRC Sec itemized deductions liability limited loan long-term MACRS medical expenses modified endowment contract nondeductible ordinary income ownership partner partnership passive activity placed in service policyowner premiums paid proceeds qualified received recovery period redemption reimbursement requirements result shareholder spouse standard deduction tax law tax rate tax treatment taxable income taxation term life insurance transaction transfer treated trust